Convergence of adaptive learning and expectational stability: The case of multiple rational-expectations equilibria

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Standard

Convergence of adaptive learning and expectational stability: The case of multiple rational-expectations equilibria. / Heinemann, Maik.
in: Macroeconomic Dynamics, Jahrgang 4, Nr. 3, 01.09.2000, S. 263-288.

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

Harvard

APA

Vancouver

Bibtex

@article{4a2bc881a3fa4b2fbcaa5f3b651cf07a,
title = "Convergence of adaptive learning and expectational stability: The case of multiple rational-expectations equilibria",
abstract = "This paper analyzes the relationship between the expectational stability of rational expectations solutions and the possible convergence of adaptive learning processes. Both concepts are used as selection criteria in the case of multiple rational expectations solutions. Results obtained using recursive least squares lead to the conjecture that there exists a general one-to-one correspondence between these two selection criteria. On thebasis of a simple linear model and a stochastic gradient algorithm as an alternative learning procedure, it is demonstrated that such a conjecture would be incorrect: There are cases in which stochastic gradient learning converges to rational expectations solutions that are not expectationally stable.",
keywords = "Economics, Expectational stability, Learning, Multiple equilibria",
author = "Maik Heinemann",
year = "2000",
month = sep,
day = "1",
doi = "10.1017/S1365100500016011",
language = "English",
volume = "4",
pages = "263--288",
journal = "Macroeconomic Dynamics",
issn = "1365-1005",
publisher = "Cambridge University Press",
number = "3",

}

RIS

TY - JOUR

T1 - Convergence of adaptive learning and expectational stability

T2 - The case of multiple rational-expectations equilibria

AU - Heinemann, Maik

PY - 2000/9/1

Y1 - 2000/9/1

N2 - This paper analyzes the relationship between the expectational stability of rational expectations solutions and the possible convergence of adaptive learning processes. Both concepts are used as selection criteria in the case of multiple rational expectations solutions. Results obtained using recursive least squares lead to the conjecture that there exists a general one-to-one correspondence between these two selection criteria. On thebasis of a simple linear model and a stochastic gradient algorithm as an alternative learning procedure, it is demonstrated that such a conjecture would be incorrect: There are cases in which stochastic gradient learning converges to rational expectations solutions that are not expectationally stable.

AB - This paper analyzes the relationship between the expectational stability of rational expectations solutions and the possible convergence of adaptive learning processes. Both concepts are used as selection criteria in the case of multiple rational expectations solutions. Results obtained using recursive least squares lead to the conjecture that there exists a general one-to-one correspondence between these two selection criteria. On thebasis of a simple linear model and a stochastic gradient algorithm as an alternative learning procedure, it is demonstrated that such a conjecture would be incorrect: There are cases in which stochastic gradient learning converges to rational expectations solutions that are not expectationally stable.

KW - Economics

KW - Expectational stability

KW - Learning

KW - Multiple equilibria

UR - http://www.scopus.com/inward/record.url?scp=0034398636&partnerID=8YFLogxK

U2 - 10.1017/S1365100500016011

DO - 10.1017/S1365100500016011

M3 - Journal articles

VL - 4

SP - 263

EP - 288

JO - Macroeconomic Dynamics

JF - Macroeconomic Dynamics

SN - 1365-1005

IS - 3

ER -

DOI

Zuletzt angesehen

Publikationen

  1. The relationship between values and knowledge in visioning for landscape management
  2. Bifurcation loads of beams of glued-laminated timber with intermediate lateral supports
  3. Wie lang sollte eine Rollstuhlrampe sein?
  4. The differential effects of self-view in virtual meetings when speaking vs. listening
  5. Noninteracting force/motion control of defective manipulation systems
  6. Comparing marginal effects between different models and/or samples
  7. A Unified Contextual Bandit Framework for Long- and Short-Term Recommendations
  8. A switching observer for sensorless control of an electromagnetic valve actuator for camless internal combustion engines
  9. From stories to maps
  10. Sense of Place in Spatial Planning
  11. Solution for the direct kinematics problem of the general stewart-gough platform by using only linear actuators’ orientations
  12. CETUS – a baseline approach to type extraction
  13. Imitation and interindividual differences
  14. Frame-based Optimal Design
  15. Control of geometry deviation by stiffness variation in polymer deep drawing tools
  16. Comparative study of resonant circuit for power transmission via inductive link
  17. Non-invasive approaches for phenotyping of enhanced performance traits in bean
  18. Investigation of the utilization of oat pomace and acid whey in technical scale succinic acid fermentation including downstream processing
  19. Assessing mire-specific biodiversity with an indicator based approach
  20. The interaction of ecological norm orientation and external factors in the domain of travel mode choice behavior
  21. Facilitating collaborative processes in transdisciplinary research using design prototyping
  22. 3D characterization of beta-phases in AZ91D by synchrotron-radiation based microtomography
  23. Experimental and numerical analysis of material flow in porthole die extrusion
  24. Testing for Economies of Scope in European Railways
  25. Bifurcation loads of circular curved beams of glued-laminated timber with continuous lateral support
  26. Effects of different video- or text-based reflection stimuli on pre-service teachers’ emotions, immersion, cognitive load and knowledge-based reasoning
  27. Cognitive performance limitations in operating rooms
  28. Current and New Research Perspectives on Dynamic Facial Emotion Detection in Emotional Interface
  29. Consumer response to monochrome Guideline Daily Amount nutrition labels
  30. Non-destructive transmissive inductive thickness sensor for IoT applications
  31. Functional trait similarity of native and invasive herb species in subtropical China-Environment-specific differences are the key
  32. In situ synchrotron diffraction of the solidification of Mg-RE alloys
  33. MICSIM: Concept, Developments, and Applications of a PC Microsimulation Model for Research and Teaching
  34. UAV remote laser scanner improvement by continuous scanning using DC motors
  35. Decoding evidence-based entrepreneurship
  36. Microstructure and corrosion of AZ91 with small amounts of cerium
  37. Tree species and functional traits but not species richness affect interrill erosion processes in young subtropical forests
  38. Geometric control tools for robotic manipulators
  39. A Dual Kalman Filter to Identify Parameters of a Permanent Magnet Synchronous Motor
  40. A specification schema for software connectors
  41. Tormentil for active ulcerative colitis
  42. The effect of complacency potential on human operators’ monitoring behavior in aviation
  43. Multibody simulations of distributed flight arrays for Industry 4.0 applications
  44. QUANT - Question Answering Benchmark Curator
  45. Effects of welding conditions on microstructural transformations and mechanical properties in AE42-HP friction welded joints
  46. What restricts generative rejuvenation of Calluna vulgaris in continental, dry heathland ecosystems